At TDC of the compression stroke, neither the intake nor the exhaust valve are open. Therefore, the lobes will not pushing the valve stems, and will be pointing away from the stems to some degree or other.

At TDC of the exhaust stroke, the exhaust valve will be open, and the intake may be open to some degree, depending on cam grind.

The cam lobes may not be symmetrical at TDC, so use the cam lobes to find if you are on the compresson or exhaust stroke, and use the pointer to find 0 degrees.

Sounds like you have it right as it is.

Best Regards,
Jim